- Barra Resources (BAR) is set to receive a $2.15 million capital injection after receiving firm commitments from professional and sophisticated investors
- Funds raised under the placement are set to fuel an “aggressive drill campaign” at the Burbanks Gold Project in Western Australia
- A total of 126,470,588 fully paid ordinary shares are set to be issued to investors at $0.017 apiece
- Management and directors subscribed for a $220,000 stake in the fundraise
- Barra Resources shares are up 4.55 per cent to trade at 2.3 cents at 3:04 pm AEST
Barra Resources (BAR) is set to receive a $2.15 million capital injection after receiving firm commitments from professional and sophisticated investors.
The company is set to issue up 126,470,588 fully paid ordinary shares at $0.017 per share as part of the completed capital raise, with management and directors taking up a $220,000 stake.
The price represents a 13.8 per cent discount to the 15-day volume-weighted average price prior to the trading halt on Thursday, 26 August 2021.
Proceeds from the raise are set to go towards an exploration campaign at the Burbanks Gold Project, which is nine kilometres southeast of Coolgardie in Western Australia.
In its statement to the market, Barra said the funding would allow the company to undertake an “aggressive reverse circulation drill program” at Burbanks targeting mineralisation extensions.
Barra Resources Managing Director and Chief Executive Officer Chris Hansen said the placement was a great show of support.
“I would like to thank existing shareholders for their continued support, and
welcome our new investors to the share register,” he said.
“The proceeds raised will enable Barra to undertake an aggressive reverse circulation drill program at Burbanks, targeting down-dip extensions of known high-grade mineralisation.”
Barra Resources shares were up 4.55 per cent to trade at 2.3 cents at 3:04 pm AEST.